Compute the Net IncomeService IncomePrepaid RentInterest ExpenseBarney's drawingPhp 356,867.0016,800.001,523.0021,786.00Таxes4,544.003,651.003. The liabilities of Barney Barn are equal to 1/3 of theUtilities Expensetotal assets. The owner's equity is P 6,300,500. Whatis the amount of the liabilities?4. Prepare journal entries to the following transactionsfor the year 2020.Sept. 1 Vickey Barney invested Php 150000 in Barney repair ShopSept 3 Purchased equipment worth Php 80,000 on account.Sept. 12 Paid Php 25, 000 for the equipmentpurchased dated Sept. 3, 2020.Sept. 15 Rendered service amounting toPhp 45,000.Sept. 17 Paid salaries to employees, Php16,000

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2 Compute the Net Income. Service Income Php 356,867.00 Prepaid Rent Interest Expense 16,800.00 1,523.00 21,786.00 Barney's drawing Taxes 4,544.00 3,651.00 Utilities Expense

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Compute the Net Income
Service Income
Prepaid Rent
Interest Expense
Barney's drawing
Php 356,867.00
16,800.00
1,523.00
21,786.00
Таxes
4,544.00
3,651.00
3. The liabilities of Barney Barn are equal to 1/3 of the
Utilities Expense
total assets. The owner's equity is P 6,300,500. What
is the amount of the liabilities?
4. Prepare journal entries to the following transactions
for the year 2020.
Sept. 1 Vickey Barney invested Php 150
000 in Barney repair Shop
Sept 3 Purchased equipment worth Php 80,
000 on account.
Sept. 12 Paid Php 25, 000 for the equipment
purchased dated Sept. 3, 2020.
Sept. 15 Rendered service amounting to
Php 45,000.
Sept. 17 Paid salaries to employees, Php
16,000

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